Subcommittee meetings have begun on HJR 2, the constitutional amendments to limit state spending to 99 percent on on-going revenue. HJR 5 would place two amendments on the ballot for Iowa voters regarding the Legislature’s power to tax and spend.
The first amendment limits the size of the annual state budget to 99 percent of the Revenue Estimating Conference’s December estimate of ongoing revenue. Any ending balance puts into the Taxpayers Trust Fund, so they can be returned to Iowans. The amendment also requires any bonding approved by the Legislature to receive a two-third’s vote of both houses.
The second amendment requires the Legislature to approve any tax increase by a 60 percent vote of each house. Passing the amendment makes it harder for the Legislature to raise taxes or issue bonds, and it prevents the Legislature from “notwithstanding” current law so they can spend more money than the state has.
Some under the golden dome would like to rewrite history and portray 2007- 2010 as a time of fiscal discipline. But Iowans know from those tough times that their elected officials can get the state into money trouble when they have ways to spend more than what is taken in. Adoption of these amendments brings real fiscal discipline to state government and help protect the family budget.
Photo by Sarah Brooks
Tags: 99% Spending Limit, HJR 2, Iowa state budget, Revenue Estimating Conference, state spending